Does the latest remote have a last channel option?

• The Apple TV app features an Up Next section that keeps track, for supported On Demand content, of what you watched and what is then next for you.
• The Apple TV box will have the last used app open when waking from sleep, if put to sleep with that app active.
• For services with multiple channels within their app, it is up to that app to provide shortcut functionality on recent channels and favorite channels, through on-screen ‘buttons’ and the like.

The remote doesn't have that functionality.

you can suggest they add such a feature by using their feedback channel https://www.apple.com/feedback/appletv.html